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to go to president obama. 55 electoral votes in california. this is obviously a huge one. no surprise that the president wins california. also, right now, we can tell you that hawaii is also going to obama. nbc news projecting the president to win hawaii as well, another four electoral votes. listen to the crowds, carl. >> yep. >> another winning -- another winner on a close call in idaho. idaho is going to governor romney. governor romney wins idaho with four electoral votes. nbc news projecting mitt romney the winner there. >> couple of big states out of the pacific northwest as we continue to hear the crowds at democracy plaza. the state of oregon, too early to call. although nbc news is saying that the president, barack obama, does lead in the state of oregon. and washington state. nbc news projects that barack obama will take the state of washington. there are some cheers in democracy plaza. we'll go back to there as the map fills in as the night goes on. >> not really clear who the fan base is for because you're hearing the same kind of, you know, phrase for both obama and romne
money, your vote." i'm kelly evans. >> i'm ross westgate. these are the headlines. >> president obama rolls to re-election and a second term, defeating mitt romney despite a weak u.s. economy and persistently high unemployment. >> investors cheer obama's re-election. equities trading high led by autos and health care stocks. >> democrats keep their hold of the senate and republicans keep their control of the house. >> there will be a tough challenge facing the looming fiscal cliff. >>> a very good morning to you. it's been a long night, but we have a result. >> yes, we do. let's get right it to. president barack obama capturing a second term in the white house despite the struggling u.s. economy. he did manage to win many of the same states he took in 2008 and nearly all the critical swing states, including ohio, virginia, and colorado. speaking to supporters in chicago just a few hours ago, the president congratulated his republican challenger on the spirited race and said there's plenty of work ahead to fix the country's fiscal problems. >> i believe we can seize this future togethe
going up against the pessimist barack obama. i'm still picking romney and you'll hear my commentary later in the broadcast. >>> for the first time with just hours to go, pennsylvania now coming up in play. that is astounding for a state long thought to be in obama's hands. we have amassed all of the kudlow all-stars on both sides of the aisle to help us out for the next hour. >>> first up, the first polls close in 24 hours. that includes the critical battleground state of virginia. so how close will tomorrow be? or can we expect mitt romney or obama to pull off a sizable win? who knows. chief washington correspondent john harwin knows. >> everything we know suggests it's going to be chose. let me give you context for prediction of a romney victory. take the latest nbc/"wall street journal" poll. obama 48%, romney photography%, can't get any closer than that, well wind the margin of error. then go to the battleground states. we've got three late battle ground state polls. first of all in the state of virginia which as you mentioned, polls close early, 13 electoral votes, 48/47, presi
what matters if president obama is re-elected or not. the indecision over the outcome played out once again in today's quiet session. the dow gained 19 points. s&p rallied. nasdaq advanced 5.9%. tonight i want to show you what really matters, why they might go up or down independent of the election. don't worry, i'm going to give you some picks for an upset by governor romney, although i'm on record thinking it's most likely not going to go the governor's way. but i bow to popular demand. first up, let's figure out how stocks have really done under president obama and i'm going to use a prism that i haven't seen anybody else use, the five-year lookback. you cannot use the inauguration day as the starting point. there's too much priced in at that point. almost every stock is higher, so it's irrelevant. the s&p is up 75% from inauguration. we need to go back to when the great recession was just about to begin. it became clear the next occupant in the white house could be a democrat, proved my thesis that if obama wins, it might not matter the stocks nearly as much as you think. anyway,
is called for obama. an important state there with a high profile senate race between linda mccann and representative chris murphy and the district of columbia just three electoral votes is called for president obama. >> we're waiting on florida right now florida is still too close to call. this of course is one of the t hotly contested states. florida too close to call. the polls are closed in florida. onto illinois where obama has taken illinois. as you can see there illinois is going to the president. maine also going to the president tonight. nbc news projecting president obama is the winner of maine. onto maryland where we are also seeing president obama take maryland. and that of course ten electoral votes. >> interesting. the state of massachusetts governor romney's home of course as governor at least being called for barack obama. also home to a very high profile senate race between senator scott brown and elizabeth warren of harvard. the woman who set up consumer protection bureau. mississippi is called for mitt romney. six electoral votes there and the state of miss
we saw was on election day, the last several elections, except for last time with barack obama being elected, there were minimal gains in this market or losses. it was flat on the session. to what do you attribute this triple-digit move? >> i wouldn't look too closely in today's move. you may, in fact, see another couple of percentage points on the upside. keep in mind that the u.s. economy is still growing at a 1% to 2% happenedndle on gdp. like your previous guests mentioned, this fiscal drag that will occur in 2013. so, you know, 1% move in the market today is just noise. we have to look towards what global gdp is going over the course of the next 18 months. that's decelerating. >> so what you're saying, chad, is it doesn't mat who ater who the white house. >> 2013 is going to look exactly like 2012. global gdp will be decelerating. the u.s. economy should perhaps be at a 1% to 2% gdp growth trajectory. that's including a fiscal drag in the united states of about 1%. that's our baseline assumption. but one should consider also that over in europe, you're going to be going into a r
pizza. 48 days until the biggest tax hike in the history of the planet earth. president obama put labor and local interest groups to who knows what. senate minority leader had the perfect response on the senate floor today please take a lis ebb. >> the amount of revenue that they are prepared to put usual over the cliff over wouldn't fund the government for one week. so why in the world would we want to do that? what is the point? to make people feel good about whacking somebody else. >> so what is your answer to what mitch mcconnel said? go after rich people. why do it at all? >> it is good to be with you. i think that the minority leader seems to have a math problem. ending the tax cuts for the rich is worth $1 trillion. i think our government spends a little less than $1 trillion. most people think it is $800 billion. this is a ten-year number. you are $80 billion a year. and this is a outside reach. a lot of guys like myself think you are not going to get it. let me ask you this, david, we have a weak economy, i know jobs are growing but they are growing weekly. what sense does it m
filled in red or blue expecept for a few, 237 electoral votes for obama, 191 for mitt romney, you need 270 to become president. now, what is the shortest path for mitt romney to overcome the swing state legion and get to 270 electoral votes? give mitt romney florida, virginia, north carolina, colorado. his shortest path is to win those states. he would win a majority of the nine swing states and that gets him to 275, 263 for barack obama. he also needs for that scenario to win the state of ohio. tyler mentioned the cleveland airport today. what -- now, let's go back to this map again, put the swing states again in yellow and say, what is barack obama's shortest path? he just needs to win three of the nine swing states, those three, wisconsin, paul ryan's home state, ohio, the state we have just been talking about and also nevada, big harry reid's home state, the senate leader, big union vote, big hispanic vote there. if he gets those three things, barack obama gets to 271 electoral votes and wins, tyler. >> but not any three of those nine states? >> specifically those three. >> specifi
votes for president obama, five for governor romney. back in 2008, president obama defeated john mccain 16-5. let's take a look at the map. 270 electoral votes are needed to win. nbc news now shows president obama with 237 likely. romney 206. and 95 in the toss-up column, so it is going to be a very long evening, andrew. >> i think we'll be staying up pretty late and then we'll be back at it tomorrow morning. but cnbc's team of reporters has the country covered this morning. stationed in battleground states, campaign headquarters and here at election central. among our guests this morning, house majority leader eric cantor, and then private equity pioneer and obama supporter alan patricof, outspoken republican ken langone, don peebls, and one of bush's right hand many, larry lindsey will be joining us. and then later today, a very special afternoon edition of "squawk box," we'll pick up election day coverage again at 5:00 p.m. so if you're sticking with us now, stick with us all day and the cnbc team will continue throughout the evening. of course you can take part in all of this by
story this evening, four days before election day. and the race between president obama and mitt romney could not be any tighter. >> four more days! four more days! >> all right. the president today telling his liberal supporters that the mere mention of governor romney to exact revenge. >> no, no, no. don't boo. vote. vote. voting's the best revenge. >>> and thank you, again, vice president joe biden, for yet another gift. >> there's never been a day in the last four years i've been proud to be his vice president. not one single day. not one single day. >>> and we ask a key question tonight. is hurricane sandy so much worse with the loss of life and incredible suffering covering a third of the country? is that going to put voters in an angry, frustrated and ugly place? so much so that it damages president obama's re-electionesre-electio re-electionest. >>> we begin tonight with breaking news. after a friday filled with fury, michael bloomberg gave into the criticism and canceled the ing new york city marathon scheduled for this sunday. let's go live to cnbc's brian shactman with the la
for good? we are learning that president obama wants more tax hikes than any would imagine. it's the second story. that moves us close to stalemate and recession. that's right. still not much talk about spending cuts. so tonight we have budget cutting hawk jeff flake, the senator-elect from arizona. then there's this -- >> watch out. they're stealing the hostess twinkies. >> watch this. here's your reward. >> thanks! >> the question is, will the union succeed in stealing the twinkies forever? the ceo of hostess speaks out and speaks to us about this subject. >>> first up, breaking news out of the middle east. at this hour, israel giving the green light to call up 30,000 reserve troops and is moving forces toward the gaza strip. this is war. this after tel aviv came under rocket fire attack for the first time in 20 years today. and where is president obama on all of this? let's get right to our special guest this evening. we have former assistant secretary of state rich williamson and syndicated radio talk show host john boutzer. how much injury they inflict on hamas? i want to know if the t
for the first time five votes each for obama and five for romney. election coverage begins with a special edition of "squawk box" tonight at 5:00 p.m. eastern time followed by prime time coverage here on cnbc. jim will be a big part of this. >> i can't wait. a big night. i think that -- look, as maine goes so it goes. new hampshire, i don't know. when i look at all of the polls, i here it neck and neck. when i look -- this is why i believe it will be for obama. that's not a political statement by the way. what i'm saying is i look at the states and obama does factor plus or minus he's ahead except for virginia and maybe florida depends on the poll. i urge everyone to go out and vote in new jersey. very difficult. largest polling place in our town closed. no power. people have to recognize that the adversity of a lot of people trying to vote today shows you that democracy is trying to be at work. not as easy as you thought. >> i have always said voting is messy. we do it better than just about anybody else. >> north korea has the 99%. everybody seems to turn out. >> regardless of whether t
to be optimistic. neither taxes nor spending nor entitlements were solved today. in fact, president obama never even mentioned the word spending. the one thing we do know, your taxes are going up from an obama care tax attack. no matter what happens on the fiscal cliff. and is another bailout nation on the way? student loans up to $1 trillion, huge delinquency rates, default rates going sky high, no credit standards and sky high tuition. sound likes a real bad story to me. ceos have just wrapped up their meeting with president obama about the fiscal cliff and minutes ago john harwood landed a big fish. goldman sachs ceo lloyd blank finefein. >> the highlight of the meeting was the intensity from which the white house emphasized that marge al rates as a matter of math and politics have to go up somewhat, if not all the way to 31.6 had to go up and as p he said as a necessary ingredient of a deal, he would support such a rate. >> the president said we would pursue our own interests. i'm not -- i'm certainly not insisting, i don't even desire higher rates. i think there lab drag if revenue goes up
president obama was signaling today at his press conference that only a hike in the top bush tax rates will keep us off the fiscal cliff. by the way, that signal cost stocks 185 points on the dow. and because those tax hikes not only threaten future economic growth, they also include big penalties on capital gains, dividends and other forms of investment. plus, get this. the president wants a $1.6 trillion tax hike over the next decade. itself, a horrific number and begs the question, what is the government going to do with all our money? >>> and have you seen this video? in response to weeks of rocket attacks, israel gets their man with this missile attack on the military leader of hamas. now, israel is launching a full-scale ground attack on the hamas terrorists which are backed by iran, of course. by the way, this is all happening while we have no cia director here at home. >>> first up today, in his first news conference since being re-elected, president obama, with rhetoric sometimes reminiscent of his tax-the-rich campaign mantra, he appeared to dig in his heels on extending tax
. the final "wall street journal" poll of likely voters shows president obama leading mitt rom any by just one percentage point, 48% to 47% margin. polls in many battleground states remain too close to call. a running average of all national polls by real clear politics has the two men between 0.2% of each other. >>> at the same time, romney may not get to label china a currency manipulator if he becomes president because the power to do so doesn't lie with the commander in chief, but with the u.s. treasury secretary. analysts warn that provoking beijing could put bilateral trade at risk. joining us for more, chairman of the asian pacific council at the american chambers of down. steven, are you fearful if we had a president romney because of his threats against china? >> no, the rhetoric is more than it should be, but that's what we expect in the business community. we generally move forward in terms of our economic and trade relations with china be it a democratic administration or republican administration. the message we would give to a second obama term or a first romney term will be the
where you are. but, president obama has made it very clear. he wants 1.6 trillion dollars of new revenues over the next ten years. okay. i would argue in order to get that number, he's going to have to raise tax rates, which the republicans don't want as well as put caps on tax deconductions or loopholes. so therefore we have a mess on our hands. >> not too much of a mess. i'm enjoying the show. we're talking about the tax rates going down to the clinton era. we're creating 3 million jobs a year. the economy is growing 4% a year. we take away a few of the tax loopholes. that sounds good to me. basically we have a lot of people running around like chickens with their heads cut off. the economy collapsed because the housing bubble burst. this is all loo loo land here and it is not enough to get worried about but it makes for good news. >> it makes for great news. i also, tim geithner says we can get a resolution of all of this in two weeks. but geithner insists that tax rates must go up. so do the democratic leadership. so speaker john boehner is going to be a lonely guy. >> i thin
>>> hi, everybody, welcome to "the wall street journal report". what does a second term for obama mean for the economy? i'll talk to advisers and find out if they think we can avoid the fiscal cliff. and how to position your investments, stay safe and find the right sectors in the market. >>> and outspoken banker jamie dimon of jpmorgan chase. too big to fail. "the wall street journal report" begins right now. >> this is america's number-one financial news program. "the wall street journal report." now, maria bartiromo. >> here's what's making news as we head into a new week on wall street. if investors thought we would be getting a certainty bounce after the election, they thought wrong. in fact, president obama's second-term victory was greeted with stocks second worst day of the year. triple digits again thursday, and figures were mixed thursday. the possibility of a u.s. downgrade if america goes over the so-called fiscal cliff. but said it would wait until after budget negotiations. a downgrade, of course, would make it more expensive for the united states to borrow money. >>
and political breakthrough? then if president obama and john boehner can rise above and get a deal done for the fiscal cliff, there is a lot of money that could be made in stocks. and why shouldn't top military and business leaders maintain an honorable code of conduct? isn't it better to have a moral center? general david petraeus is a great man. but he made, unfortunately, a great mistake. first up, are we on the verge for american oil revolution? according to the international energy agency, the u.s. will overtake saudi arabia as the world's largest oil producer that before the year 2020. but -- don't get your hopes completely up as the epa could block this fantastic market-driven advance. nobody better to talk about it is john hofmeister. john, it is a pleasure to have you here. now, is it credible, first of all the report, we will overtake the saudis? >> report is credible. the iea is smart, good analysts. we have the reserves, no question we have the reserves. in the ground today. number two, we have the technology to get the reserves out of the ground. and number three, we have t
is to watch the dollar generally seen romney is better for the dollar. obama victory would mean a weaker dollar. so we see the dollar showing strength. whether that means markets are reading in to it or not, i don't necessarily want to think we can go that far, but we are seeing under 1.28 for the euro-dollar, 1.2796. shedding 0.1%. and this along with the other dallas crosses will be one to watch in the next about 48 hours and hopefully not too much longer than that. >> we are hoping we know in 48 hours exactly who the president is. cross our fingers on that. when we come back, as the northeast begins to recover from super storm sandy, the hardest hit regions are bracing for a possible nor'easter. this is the next phase. plus the final dash to election day. john harwood joins us with the latest poll findings. the new electoral map when "squawk box" returns. >>> let's take a quick look at us equity futures. just 24 hours before the big election. dow off 22, nasdaq, as well. bowieing and kuwaiti leasing company finalizing an order for max 8s, valued at $2 billion current list prices. the
-- i guess it depends on the scenario, but if president obama is reelected, will he let it expire so he has more lechblg to lower rates even if he doesn't do so on the super wealthy. how much does the gamesmanship matter? about we go over the cliff, what market impact is that likely to have? >> the market impact in terms of you have a xwchgdp impact of fio seven percentage points. so the market impact can be enormous. the longer you have uncertainty, the longer you hold back treasuries and the greater potential for the fed to come in and extend qe. >>. >> who is more likely to resolve the issue from a market point of view? >> i think romney may have to wait whereas obama probably does it a little bit sooner. >> if you're just joining us, final set of numbers on on the u.s. jobs market before the election will be out in just a few hours. >> stocks in europe into the green. >> and raising costs of sandy. one estimate now puts losses from the storm at $60 billion. >> and trade link, we'll hear from the chairman of the investment correspond naturing boa coordinating board of how the country
obama will finally tackle the fiscal cliff in a delivered statement. we are going to get you the details. there's been a 400-point-plus selloff since the election. we could be staring at a dividend tax and a capital gains tax hike. superstar investor ken hebner tells us how to get through this period. >>> also, american drone and international airspace days before the election and kept secret until now. is that a coincidence? >>> and on election day, voters in two states allowed recreational use of marijuana. is this the gateway to liberals legalizing rampant drug use in this country? janine turner is going to join us. >>> within the hour, word that president obama will make a statement on the fiscal cliff and the economy at 1:00 p.m. tomorrow. the congressional budget office issued a new scenario of what happens if the president and congress fail to act. eamon javers joins us now with the details. good evening, eamon. >> reporter: good evening, larry. as you say, we're getting news tonight we're going to get dueling appearances tomorrow between speaker john boehner and president barack
there is to do and the future that lies ahead. >> president obama wins a second term in the white house but of course now the hard part begins. can he and congress agree on how to avoid the fiscal cliff just 54 days from now? good morning. welcome to "squawk on the street." i'm carl quintanilla with melissa lee, jim cramer, david faber. as you can see once again, down triple digits. a lot of news out of europe today as attention turns to greece and parliamentary vote there regarding austerity measures later on. democrats gaining seats in the senate. republicans maintaining control of the house. >> the issues that were a tossup are now certainties. we'll get cramer's take on how to align your portfolio right now. >> ecb president saying the euro crisis is hitting europe's strongest country. >> we're on storm watch in the northeast once again. airlines canceling flights with american airlines shutting down in new york this afternoon. >> of course we begin with last night's election. the president winning a second term defeating gop challenger mitt romney. it was battleground state ohio th
will mean for wall street. no more debates, no more rallies, at least for, what, two weeks. president obama and mitt romney will leave their fate in the hands of u.s. voters today after a long and bitter campaign battle. national polls show obama and romney in a dead heat. although the president seems to have an edge in ohio. and tracie potts joins us live from cincinnati, ohio in the wee hours of the morning there. when do polls open, how important is ohio, and when will we start to get a sense of the outcome? >> reporter: the polls here in ohio open at 6:30 eastern time. so we have about 2 1/2 hours. this is one of the polling places, a local church here behind me. however important is ohio? for months we've been talking about ohio really sort of being a bellwether state, ohio being the most important battleground state. and that's because ohio has a history of choosing presidents, particularly cincinnati where i am, it's been described as really the biggest swing part of one of the most important swing states. and in terms of when we may start to get results, the polls here close i belie
>>> good morning. decision 2012. president obama re-elected to a second term. republicans retain control of the house. while the democrats keep power in the senate. >> tonight, in this election, you, the american people, reminded us that while our road has been hard, while our journey has been long, we have picked ourselves up. we have fought our way back, and we know in our hearts that for the united states of america, the best is yet to come. >> we have left everything on our field. we have given our all to this campaign. i so wish that i had been able to fulfill your hopes to lead the country in a different direction. but the nation chose another leader. and so ann and i join with you to earnestly pray for him and for this great nation. >> investors say they've been waiting for this answer for months, after uncertainty that's been hanging over the markets. but what will the status quo in washington mean for stocks, bonds, currencies, and commod y commodities, and qe-3. but there's still the issues of that fiscal cliff. this morning, we're calling on leaders to solve this, to
or destroyed. president obama got a firsthand look with governor chris christie yesterday afternoon. >> and danielle lee joins us, she's in the town of toms river. and we know this is one of the hartest hit areas. with you tell us how extensive the damage is? >> all of those popular summertime vacation communities are cut off from society. and there are stand reminders, bits of people's lives ripped to shreds. people here beginning a third day without power. millions of people throughout the state have no power. they are really getting ready to get back to life as normal. many walking around just wanting to get over to the jersey shore, those that have being a straighted, straigh to see what was left. and they can't do it possibly for a couple days because of the safety issue. just yesterday we got to see the streets filled with sand and the homes ripped from the foundat n foundations as emergency crews went door to door to get everyone out. now they're focused on the restoration, making those communities safe so they can begin letting people to get back to their homes to see what
sandy to score political points by endorsing barack obama? rudy giuliani will be our special guest. >> and why are politicians brow beating insurance companies in to how to run their businesses? it eats an attack on free market capitalism. >> a special edition of the "kudlow report" begins right now. >>> sandy, the road to recovery. the cost of sandy's destruction on the rise. gas lines stretch for miles. and so does the traffic jams. billions still without power. food getting scarce. nerves break. how past can we rebuild? tonight we look for answer. plus the markets rally and the reaction of a lifetime days away. this is a special edition of the "kudlow report." >>> hurricane sandy may be over, but tonight many in the northeast remain without basic needs. power, water, gasoline, and the road to recovery looks grim. here's what we know right now. total losses in sandy, now estimated to be $50 a billion. that according to a disaster modeling company. ranking it second only to hurricane katrina. the death toll from hurricane sandy leaves 92 across the usa. the number of that continue
at the presidential outcome, i think right now the edge seems to be at obama based on the polls. but well within the margin of error. so, if you saw a romney victory, i would disagree with rick, i think you could see a pop in the markets if we saw a romney victory. from ourve, if you want to look at what you emphasize, tradeable themes on the republican side and democratic side. if you wanted to play tradeable themes on republican side for a romney victory, clearly you're looking at defense, energy, potentially you're looking at some of the finance sectors. on the democratic side, if president obama prevails, i think the themes you'd be playing are alternative energy, selectively health care and infrastructure. the themes are there. i just think the macro picture is really positive around the globe. improving china, a little softer condition and background in europe politically. and i think improving conditions here in the u.s. for the consumer and for manufacturing and for gdp in general. our general background is pretty positive. >> great points there. sandy, what about you? you say regardless
. period. paragraph. as far as the spending cuts, they're not on the table. what have we heard from obama about spending cuts? we've heard that he wants to lower the cost of health care. what does that mean? obama care 2? does that mean just paying medicare and medicaid providers less? let's put entitlement cuts on the table, like they were on the table in july and august of 2011, when boehner and obama almost had a deal. let's just go back there. that's what boehner wants to do. what boehner said the day after the zbl the -- >> no, let me pick you up on that. that would be very bullish. i happen to totally agree with you. and that's exactly what speaker john boehner wants to do. that is precisely what he wants to do. essentially have tax reform and have entitlement reform and have it laid out so it it all gets done next year. this year is the down payment. >> that's right. >> now, don, is it too early, though, to make a bet on any of this? that's really what i'm asking. between now and year end, when the bush tax cuts expire at year end, what's a stock market investor to do? you're going
more than 1% in some places on hopes of a resolution on the fiscal cliff. barack obama praises myanmar's shift to democracy in a first ever trip by a serving u.s. president to the country. but he cautions that his trip should not be seen as an endorsement of the country's sgoechlt. and oil futures hitting a two week high as international pressure mounts for a cease-fire in gaza. u.n. secretary general ban ki-moon is heading to cairo for emergency negotiations. good morning, welcome to the program packed full of fantastic guests to give you you updates and analysis on where we are in trade. if europe, higher by 0.8%. coming off the 3 1/2 month low that we saw in the close on friday, helped along by optimism on the negotiations to avoid a fiscal cliff state side. we saw quite a rally in the u.s. on friday's close and that is feeding through to europe here this morning. ftse 100 higher by 09%, xetra dax by more than 1% and ibex 35 more than half a percentage point. the bond markets, the question is whether or not we'll see a lid on on bond prices on treasuries especially if we manage to o
, profess of at the booth school of business and former adviser to president obama and ed lazear, former adviser to george w. bush. thank you for joining us. >> nice to be with you. >> great to see you both. let's start with the jobs numbers on friday. the last jobs report before the election. what do they tell us about america's economy today and what impact do you expect it to have on the election. austan? >> i don't think it will have much impact on the election because it's not that much different from the overall trend over the last year to 18 months. i think it was a fairly solid number but certainly better than what was expected and you got revisions on the jobs number itself. but overall, growth has been relatively modest in the u.s. and that's reflected in the jobs number. so this is an encouraging month but you never want to make too much out of any one month. >> i was surprised at the numbers. ed, what do you think? >> i think there are good things that each candidate can take out of it. obviously the fact that the unemployment rate ticked up is something that governor romney
, the possibility that the new president or president obama names three seats to the supreme court three security justices. a lot at stake. >> an important day tomorrow. hope you can get out and vote, whichever way you're going. right now we're heading toward the close with a ten-point gain. again, remember that level i gave on you the dow, 1390.84. we'll explain the significance coming up. >> stick around, a lot more to come on "closing bell." >>> coming up. investing on the elections. are candidate romney's fiscal views the same as a president romney's would be? we get the view from wall street straight ahead. >>> plus, running for home. housing has been the forgotten sector this season with prices actually lower now than when the president took office. we debate where the value of your home is headed after election day, no matter who wins. >>> and could how the stock market finishes today actually determine who wins tomorrow? don't scoff. wait until you see the facts that back that up. that's all ahead on the "closing bell." looking for a better place to put your cash? here's one you may not h
clear message to president obama, which s oh, you think you know business, watch this. so now you're going to learn and you're going to learn real fast. a correspondence course is not going to help. we're going to be all over the place. my sense is until we get through with gridlock -- we had the federal reserve giving us all the money we needed. obviously markets like that. until we're convinced we're out of the woods with gridlock, i don't know where we can go. >> it's interesting. i think john boehner in that speech he made just a few minutes ago basically opened the door for higher taxes. this is part of the reason the mark sold off today. now we know the republicans are going to have to swallow it. they have been adamant about no new taxes, but this is where we are going. david, you say don't make any portfolio changes in light of the obama victory. what moves are you making today? no radical changes? >> we wouldn't be changing too much. the stocks that sold off today were some that were under the greatest pressure during the first administration. there's really no change. we
that was very premature about the fiscal cliff. we still see little or no movement on a deal. president obama might want higher rates and cap on reductions for more tax revenues. that could be a deal-breaker and the markets won't stand for long while nothing gets wrong. i don't want to be overly pessimistic. i'm trying to be realistic. i'm reporting what i'm hearing. but stocks did rise a bit on news after cease-fire between israel and whhamas. is israel snaf particularly when we know that palestinians and gaza may just rest unand rearm for the next round? >>> finally as you head out into the thanksgiving traffic, ask yourself where president obama still hasn't given the green light to the keystone pipeline that would give us jobs and energy n independence? now a truly bipartisan group of senators is telling the president to make a decision right now. first up this evening, this is the big question. will we get a deal done or might president obama just let us go right over the fiscal cliff, take the recession, and simply blame the gop? this is a serious question that i'm hearing from washingt
letting the tax cuts expire and bringing on a recession, i don't believe that bluff. president obama would become a herbert hoover with two recessions on his watch. he can't let that happen. obama did not be hoover. therefore the democrats cannot let all the tax cuts expire without a good deal. unfortunately the cliff talks have charities frightening. they're worried the deduction will be slashed. ivity a contrarian view about this that is going to surprise you on the charitable deductions. and if she wasn't already in enough hot water over the benghazi mess, there's a just breaking report out tonight u.n. ambassador susan rice has heavy jeismts in energy companies known for doing business with iran. and that is illegal. first up, breaking news on the fiscal cliff front tonight, president obama offered his opening bid in budget talks with republicans, and we have eamon javers with all the details. good even, eamon. >> house republican aides are saying this was a new offer from temperature think geithner on capitol hill for a long series of meegts. there were varying report of whether or no
up tomorrow's presidential election in this country. polls show the race between barack obama and gop challenger mitt romney to be a dead heat. on wednesday the greek parliament is due to vote on a package of austerity measures and then china's congress convenes for once in a decade leadership change. that's not evening mentioning ecb. there's been some that have said this is potentially the highest concentration of risk of the entire year. >> i heard this. it's embarrassing to hear. what's happened the whole time is there are managements that have made money during this period and managements that have failed and models that have made money and models that have failed. i spent a lot of time this weekend going over the last five years of stocks. what i find is that you have the ibms which delivered. moved from hardware to software model, consulting and hewlett packards that failed. when you do risk on and risk off, i'm an s&p trader. i trade the s&ps. forget individual stocks. if you want to play that game, fine. >> a lot of institutions play that game. not just hedge funds. a lot of
or obama victory is not going to solve the corporate profits problem. one theory out there, and we'll test if this is true, is perhaps a romney win would unleash some of the corporate spending we haven't see. that's a theory right now. i would like to be proven wrong. >> brian, what about that? if we were to see clarity tonight then we do, in fact, get that money that's on the sidelines loosened up and looked toward job creation? >> well, from a corporate standpoint, yes, maria, because most u.s. corporations are sitting on cash. as you saw profit margins hitting all-time highs. they're clearly not hiring a lot. at the end of the day, this whole economy and the stock market is about jobs. the market could be up even more if we start to see some job creation, but we can't be bidding stocks higher unless we start to see some in flows from our private client friends, who by the way, don't buy bond funds. we still think there's a lot of work to do on the investment side in terms of building further fundamental clarity with respect to the option of buying equities versus selling them. >> so you
into the market heavily. not until then. >> okay. jeff, in the meantime, you believe with obama remaining in position that ben bernanke's job is safe for the foreseeable future and that is inflationary, yes? >> i think the fact that we've had inflation, core inflation, outside of core inflation, food and energy prices have accelerated in the obama administration. ben bernanke has failed to realize it as inflation. it's a big concern. now we're going to begin to see the acceleration of inflation based on the fact that now he has full reign. this is going to prove to be his show. >> how are you going to play that, jeff? >> we recently scaled back on gold, but i'm not long-term bearish on gold by any means. i believe we're going to get an opportunity to make money in gold. i built up a significant cash position. i missed a good part of the rally. at this point, i don't want to participate in this type of market, protecting against inflation. being in commodities makes a lot more sense. >> bill, let me say one thing quickly. jeff is exactly right, but don't forget, there's going to be a lot l
slow down our economy. >> president obama from his part came into the east room. he also drew a line, but the line he drew was not insisting on higher tax rates but on higher tax revenues. >>> i'm not wedded to every detail of my plan. i'm open to compromise. i'm open to new ideas. i'm committed to solving our fiscal challenges, but i refuse to accept any approach that isn't balanced. >> so, larry, balance is the key for president obama, not necessarily increases in tax rates. signs of conciliation on both sides and late this afternoon the bipartisan policy center which has been pushing for a simpson bowles-type solution said they were encouraged by the flexibility shown on both side says. john harwood, appreciate it and let's get reaction, and we have republican whip senator john kyl from arizona and senator kyl as always, sir, thank you for coming on and let me just ask you, is this a new era of good feelings and is this an era of compromise and is this an era of common ground, mr. kyl? >> kumbaya. well, we hope so and you focused on precisely the issue here and maybe from what the
obama promise, but some promises are made to be broken, and i think this is probably a good move. but first up congress back at work tonight after the holiday recess with now just 35 days to go. are we any closer to a tax and fiscal cliff fix? cnbc's own chief washington correspondent john harwood joins us now with all the details. good evening, john. >> reporter: good evening, laurie, and i think we are getting somewhat closer, and the white house would count it as good news that you found common cause with their report on the impact of fiscal spending. let's talk for a moment about what's happened on the fiscal cliff by the numbers since that early constructive meeting with the congressional leaders and the president. the numbers are all one. there's one month left for these leaders to figure it out. two, 1.4 it is is the amount to be shaved off by gdp and one is the amount of trillions of dollars that democratic aides, senior democratic aides tell me is necessary to get a deal wit end of the year with the remaining 3 trillion of savings coming in the early part of next year, a
aoe going to take them out. you guys lost the election. president obama said he was going to raise taxes on the richest 2%. why is this a surprise? that is what happens at the end of the year. it is a little slow. we'll get over that. come january first, they will pass the tax cut for 98% of the people. >> i didn't think this was a mandate. i agree your man won. but jim, the basic deal was, okay, john boehner acknowledging what this was. putting this on the table and he said this a million times in return for some. modest reform. while the biggest stuff waits for next year. if the democrats say it is off the table and if harry reid is trading bars with mitch mcconnel, what is up here. senator durban said, it shouldn't be ps deal. i don't think there is a bar gain to be had. it is a win win for alabama. he is going to get the tax hikes or the rb ares will say no deal and he gets the tax hikes which is what he will prefer anyway. that is a big pot of money he can use for whatever he wants. they are still not going to be a deal. baker, democrats saying there is no problem with social
of course, as we've been saying, president obama set to lay down his starting points on the fiscal cliff debate and what the economy needs to stay in recovery mode. a setting rich in theater coming just hours after the speaker of the house, boehner, made his case. >> indeed he did, ty. thank you. i'm sue herera, along with my partner tyler mathisen. john harwood and eamon javers are in washington as we countdown to the president's statement in a few minutes. we're hearing that the white house has invited congressional leaders for a meeting at the white house next week on the fiscal cliff. that seems to mean, john, to me anyway, a little bit of progress. what type of tone do you expect, john, the president to take in this next address? >> sue, i expect him to be conciliatory and reaching out to republicans the way john boehner has tried to strike that mode on capitol hill. two different white house specialists just told me the president will walk out here and announce he's invited the bipartisan leadership of congress to the white house next week to begin talks on the fiscal cliff. i have
trends. >>> plus what will obama do about the looming fiscal cliff? we'll have plenty of analysis from commentators. >> and we'll hear first from the cfo of aliance. but first day two data suggested growth is picking up and inflation is moderating meaning beijing may have more scope to ease if necessary. ppi industrial output and retail sales all came in better than forecast. eunice joins us from beijing. i'd hate to suggest this is quite good timing for this data. very convenient. >> what are you suggesting? a lot of people are saying that the numbers are showing the economy is bottoming out and a lot of people do use the numbers as a guideline at least. they're saying the investment figures were encouraging. looking relatively strong. the government hasn't put up of much money in the infrastructure projects, so that's part of the equation here. other part is retail and consumption side actually look pretty good. numbers came in at 14.5% growth and that beat expectations. a lot of that was because people are buying more food as well as automobiles. now, the whole picture looks as thou
the phone and say listen. there was a feeling on wall street in the last few weeks that obama was going to lose. that romney had decided to spend a ton of money and win pennsylvania and ohio and he already owned florida. so it's all a done deal. don't believe me? did you watch cnbc's coverage last night? republly can after republican came on right after ohio got called for the president. these people were just plain, out right sellers today. they bought in anticipation of winning. they sell what romney lost. most of my investors will say oh, yeah, hey, sure. let that run its course. i'm not going to sell my gap stores for target, right or wrong? however, i would rebut that we suddenly have a new word. the head of the european central bank picked up today, of all days, to say that things have worsened dramatically in europe including germany. that means there's a new sense of urgency to fix the europeanness and we're learning to be wary of the way europeans are going about their "bailouts." here's what the client would say. wait a second. we've been through this before. why do i have to
the stage for a possible comeback. >>> and president obama meets with top u.s. lawmakers to begin budget talks as the fiscal cliff looms. both sides are digging in their heels on on tax hikes and spending hikes. against all of the political changes we're seeing today, first i want to show you the market action. stoxx 600 is sitting roughly flat, but we've seen interesting trading session where the nikkei really surging to the up side again today. more on that in a bit. take a look at what's happening across europe because after a couple of uglier days in the market, we're seeing something of a comeback now led by technology, retail stocks are also in the green, food and beverages, autos among the sectors dragging on the in-dek. we can take a closer look at the bourses. ibex is down. ftse 100 sam thing, so we'll keep an eye on all these levels as the show progresses this morning. the bond space is where we've been focusing our attention with spain and greece on. spain today seeing prices rise, yields coming down to 5.78%. italy seeing a bit of a rally, too. selloff for britain and bund oi
" begins right now. >> wall street ushers in another four years of president obama with a massive sell-off. dow down 295 at 12,951. nasdaq off 2.5% at 2,937. the s&p lower by 31 points, better than 2% there. gold and oil also moving lower. this is not helping things either. violence breaking out in athens once again. firebombs being hurled against police. greek parliament voting on new austerity measures. sue is live in the middle of the market mess downtown at the new york stock exchange. sue? >>> indeed i am. it was interesting what you did with gold there, ty. we had a huge gain in the gold market yesterday. lot of people were expecting more of a pullback. we're not getting that. just a little bit. on a day like this we're going to start with bob pisani here on the floor of the new york stock exchange. you know, we have the president re-elected but we still have the impasse in congress that he's going to have to deal with after this election. and that seems to be looming very large over this market. >> let me handicap this for you. 300 points down on the dow. hundred, hundred, hundr
is on. >>> president obama and governor romney, new polling numbers out. what do they show? >> the national numbers show a dead heat race. 48%-47% in the latest nbc/"wall street journal" poll. the challenge facing mitt romney is the swing states, battlegrounds. there are nine of them. if you look at the ones where president obama is leading, average all the polls on the realclearpolitics.com website. you see the president of the united states is leading in swing states like ohio, new hampshire, colorado, iowa, nevada, wisconsin, all those are critical. mitt romney's only leading in two of the swing states, we're talking about florida with 29 electoral votes, and north carolina with 15. you add those together to the base states that mitt romney has. that only makes 235 electoral votes. president obama with 303. that doesn't mean mitt romney cannot win. he's very close in some other states. in colorado, for example, in new hampshire, he -- but he's going to have to make up a lot of ground in a lot of places to get there and the last swing state polls we showed showed six. poi
to the ongoing violence. hillary clinton on route to jerusalem. we'll get a view on president obama's trip to cambodia where tensions over the south china sea look to dominate the as sas summit. we'll have updates about the greek tranche. and lines are already facing for the latest tech ahead of the all-important black friday deals. but first, the french finance minister has responded to moody's downgrade by saying government reforms will get the economy back on track. and that french debt is amongst the surest and most liquid in the eurozone. moody's joined s&p by stripping paris of its aaa rating citing growing about public debt levels and its diminished ability to withstand future euro area shock. bank of japan remains steadfast despite rising political pressure prompted by controversial comments from the likely next prime minister who has called for an unlimited amount of cash. he wants benchmark rates to come in below zero. but the bank of japan governor has dismissed those ideas. the chief said negative interest rates will lig early liquidity concerns in the market martin schultz is
. locking the world's potential. >>> in the first days after the storm, president obama toured the damage and received praise for his leadership. but as the gas lines grew and tempers got short, new damage uncovered could be images and headlines turn against him. john harwood is at an afl-cio phone bank where they are urging voters to get to the polls. governor christie seems deeply in command the way the federal government has stepped in to help. this is the third hurricane i've covered in my lifetime, andrew, katrina and now this. we are at the point where the population gets furious and they turn on the government. the government can just not handle the huge, huge logistical requirements that happen after a storm like this. could this actually turn on the president at some point here? >> reporter: i don't think so. i think what the president has had the opportunity to do is show americans that he was involved in an effort that the country was rallying behind and do his job in a way that got praise by the keynote speaker at the republican convention, chris christie, very tough critic of
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